Word: kreugered
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...among the Big Seven is "the American Bank of Poland," founded by Swedish Ivar Kreuger, suicided Match King, unmasked cheat (TIME, March 21 et seq.). Last week the Kreuger bank announced that only 60% of its depositors have withdrawn their accounts as a result of the Kreuger scandal. It had discharged only 50% of its staff and remained serenely open for further business...
...Kreuger Scandal, already grown into one of the ugliest affairs in business history, last week increased in malignancy. At the time of Herr Kreuger's suicide it was suspected that there were '"irregularities" in his books. By last week the '"irregularities" had been disclosed as fraud of the worst type. Then came two disclosures which shattered the last vestige of admiration which could have attached itself to the late great maker of matches. Disclosure No. 1, coming with the arrest of three of Kreuger's associates, was that the "irregularities" were not born of falling markets...
This scene occurred in 1931. Kreuger, failing to get a match monopoly in Italy, needed funds. From an Italian engraver he got copper plates that bore the likeness of an Italian Government bond. On a piece of paper he sketched the way he would like an English-worded statement printed. He furtively took the plates to a Stockholm printer. The printer, knowing Kreuger's affairs were vast, did not become suspicious when he was asked to print 42 bonds, each of ?500,000 denomination. Kreuger took the counterfeits, forged on them the name of E. Drelli, gave them...
...Under the personal direction of the late Mr. Kreuger entries were made on the books which on the one hand eliminated substantial balances shown to be owing the parent company by him and on the other hand entirely eliminated liabilities to other subsidiary companies...
...above statement must be accepted as evidence that gross frauds have been perpetrated by Mr. Kreuger...